tv Countdown to the Closing Bell With Liz Claman FOX Business September 13, 2017 3:00pm-4:01pm EDT
months ago treasury secretary steven mnuchin making his most pointed comments about china and north korea. in fact you know what that was a great interview in and thanked in fact the treasury secretary also commented on tax reform. we will get to that. but the bipartisan meeting going on right now is closely watched. go congress go. urging congress to tackle tax reform for his first major legislative victory. in congress response. house republicans may respond in just two weeks. but which team is that cheerleader really counting on. reaction from the man who has
the nation's purse pursestrings for the last four years. jack lew on low on what might get the democrats on board and whether we will seek tax reform this year and if the dollar is heading for a rally or collapse we have a foxbusiness exclusive. the death toll is rising in the floor to keys as fema arrives on the scene but a source on the ground telling countdown that the human toll and the disturbing news we are getting on the florida keys chaos gasoline shortages are making that return trip back home a major ordeal. a man who represents 10,000 convenient store gas stations. today, we are off to the apple store down on 14th street in
new york city to find out what that diehard apple fans really think about dropping a thousand dollars for a new phone. all of this as the markets teeter to and fro around new record closes. despite technical term here. let's start the countdown. we are just getting word that the president has just greeted and spoken to a bipartisan group of house members in the white house right now. and as soon as we get what is called the tape turnaround we will get that to you. and the minute anyone of the participants in that meeting democrat or republican comes out they will come to the microphones that are in the driveway. we've a shot right there. the cameras waiting there. like a moth to a flame congress people tend to just gravitate if the press
secretary sarah sanders respond to a question right now about whether he would bend on democratic demands that there would be no tax cuts for the rich this i get very interesting. sanders just seen a few minutes ago the president's focus has never been on tax breaks for the wealthiest it's always been on the tax cuts for the middle class. we are laser focused on stocks as they attempt to make history once again. less an hour to go to the closing bell. any gain makes it a record close. be sure to stay with me throughout the entire hour. fifty-seven minutes before we see that happening. right now apple is more of the biggest losers. apple is down about one and a quarter percent. it also has us heaviest rating on the s&p. you see it toggling between green and red.
it will set the path of technology for the next decade investors perhaps seen that as a bit of hyperbole for the moment because the delayed shift that they mentioned yesterday of apples new iphone. $101.91. the retail and darling might be off the market no more jwm. that is a weird ticker symbol. maybe it will be off the
public market. they are jumping off the news by more than five and four tenths percent. they are in talks to raise $8 billion to buy a 68% stake already controlled by the family. president trump wasting no time exhorting congress to get on the stick and push through text reform. after months of resistance from both sides of the aisle now he is breaking bread and dining with the dems right now he's got the bipartisan group at the moment. his house in senate hosting senate and house majority leaders. just then we saw that confirmed from sarah sanders. we are about 60 seconds away from the sound of the president from inside that meeting but give us the 552nd assessment here. >> here is the bottom line. from sarah sanders.
there was a lot of pushback as to why is president trump meeting with the top members of the democratic party at the white house tonight over dinner with no top republicans there. there was question after question on the and sanders pushback by same look president trump is the leader of the republican party plain and simple. she even tried to make the argument at this point has done more for bipartisanship than president obama in the last eight years he was elected to bring people from both sides of the table. there is no doubt a concerted effort from this white house to learn from the failures of the obama care repeal and replace. they realize they might have to get democrats to the table at least as it relates to votes so the president well have democrats with him at that dinner table. this tape is just coming in a president trump but the bipartisan group.
>> this bipartisan group of democrats and republican lawmakers to the white house and we are trying to work things out together. as a positive think and it's good for the republicans and the democrats. this group knows that very well. whether we can do incredible things with what were doing in the bipartisan traction would be a positive. i think something that we all feel good about. i want to think them. he was there right at the beginning and i really appreciate it. for helping to organize this very important gathering the whole concept of what were trying to do is very important. inspired by the example of our own citizens we should be able to come together that's why i
was elected and that's why iran. and to provide jobs and opportunities to millions of struggling families. this includes tax reform that is per jobs, progrowth and profamily and pro- american. it's very simple. we had four with four principles for tax reform. taking the tax code simple and fair. cut taxes substantially it will be the largest tax decrease in the history of our country for the middle class. encourage companies to hire in grow in america and by doing that we are going to have to reduce the taxes for companies. right now at 35 percent. in china is at 15% and we wonder why are we not competing well against china. that doesn't work. and bring back trillions of dollars overseas that we will
bring back and we will bring them back quickly. so that this is money that everybody has agreed to bring them back for years but it never gets done. were putting it down as part of our tax proposal. another bipartisan project that is needed is infrastructure and infrastructure investment. washington has allowed are at the structure to fall into a state of total decay in disrepair and it's time now to build new role roads bridges and railways all across our great land. when we set aside our differences and it is amazing sometimes how little the differences are we put our country and we put the citizens of our country first and that's what this is all about so we want to have a great new tax cut in tax reform simplification and massive cuts and we want to
get our country working again. there will be nothing that can stop us. on top of that we will be discussing a little bit of healthcare i know some information has come to light. ultimately we have some democrats we do want to do something very powerful with respect to obamacare is not worked. the rates have gone through the roof. the numbers that you look at no matter where you go and where you look healthcare is failing in our country and we are going to get and change and get a change fast. infrastructure will be talking about and we will probably be talking about daca because we don't want to forget that. it's already been a week and a half and people don't talk about it as much. we want to see if we can do something with that in regard to immigration and a hundred thousand people that are now
young people. will see if we can do something in a bipartisan fashion so that we can solve the problem and other immigration problems. tonight i will have to dinner with senator schumer and nancy pelosi and we will continue some discussions. a lot of things in the fire but i think right now first and foremost so that we can can beat again. especially in light of the fact that we have to massive hurricanes the likes of which our country has ever seen. one was the biggest ever in water and one was the biggest ever in wind. you put them together and whip devastation in texas and florida. in other parts of our country by the way. i think we've gotten very high
--dash mckay marks with the way that we have handled them. they were big and powerful and is very unfortunate because of that more than ever we now need great tax reform in great tax cuts so we are here as is a group bipartisan to see what we can come up with. thank you all very much. i appreciate it. [indiscernible] >> i'm a conservative. and i'm not skeptical if we can do things in a bipartisan matter that will begin great. it might not work out. but i think if we can do in a bipartisan matter. in some and some of the greatest legislation ever passed it was done in a bipartisan manner. that's what we're good to give it a shot. to see what we can do.
if it doesn't work out great. hopefully we will be able to do it anyway as republicans. [indiscernible] we want a 15% rate. china and other countries are. we will be able to compete with anybody. nobody will be able to touch us. we would like to see 15%. thank you very much. much lower than that for individuals. in the rich will not be looking at all with this plan. looking for the middle plaque -- middle-class and jobs. and were looking at jobs. >> i think that while wealthy
will be pretty much where they are. if we can do that we like that. we are looking at the middle class and we are looking at jobs. thank you very much. >> did you just hear that it was almost the most crucial part saved for the last. he is giving a nod to exactly what democrats have said in the past that they would not entertain any tax reform plan if it includes tax cuts for the wealthy. i don't think president trump could've been any clear on that. >> quote from the present. the rich will not be beginning at all with this. that is quite a statement from the president as some have been wondering now that he is engaging in discussions or at least conversations is probably a better way with chuck schumer and nancy pelosi who are behind the not 1 penny campaign what might that mean for the wealthiest of americans if there is some
sort of deal is struck with the president. he would like to have a bipartisan deal. two things on that. a few weeks ago give or take i ask sarah sanders that during the press briefing. at that time a few weeks ago i was told that he wants tax cuts for all americans meaning whether you make a lot of money or not. today at that press briefing i'm not sure if you sought or not. i ask her a different but similar version. with chuck schumer and nancy pelosi made it mean that the wealthiest might not get as deep as a four. that's what the predatory is priority is for the middle class. as we are getting closer to all of this and were hearing from the white house and specifically from the president if you're part of the wealthiest maybe you might
not get as big a cut after all. and maybe you may have to pay more this is fascinating but he was transit on the 15% rate for the corporations so maybe that is the quid pro quo we with to run we do have a heartbreak here. we get reaction exclusively from the former treasury secretary jack low. i'm vern, the orange money retirement rabbit, from voya. i'm the money you save for retirement. who's he? he's green money, for spending today. makes it easy to tell you apart. that, and i am better looking. i heard that. when it's time to get organized for retirement, it's time to get voya. you know win control? be this guy. check it out! self-appendectomy! oh, that's really attached.
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let as listed to what president trump just said to a bipartisan group of house members he was meeting with them at the white house in fact it's still going on right now but it was specifically most about tax reform and he dropped quite the verbal bomb. it would bring us to a level where china and other countries are. we would like to see 15%. thank you very much everybody. by the way lower and lower for
individuals. and much lower than that for individuals. the rich would not be beginning at all with this. are looking for the middle class and were looking for jobs. for the middle class and jobs. i think the wealthy will be pretty much where they are. if weave too g higher we willo higher. looking at jobs. thank you very much. the former treasury secretary jack lew is joining us. that is exactly what the democrats have asked for to at least come on board. it looks like the president is really serious about getting something done. doing tax reform as hard. it's not a surprise for anyone. in order to have the real tax form.
you to be able to take on some vested interest. otherwise you end up making a mess of the fiscal pit shirt which we've seen before. i think democrats are very much white -- right to be saying that. you give them props though for what he just said. i think the idea that the way to lower rates is to make sure that you pay for it. i didn't quite hear him say that. that is to meet one of the core principles. i think the idea that the system already is more generous to the very wealthy then than is to others. at something that's very real. i hope he means what he says about the taxes for the rich not going down. >> any rate across the board is can have a tremendous
amount. he has been pretty specific out those are the people who are higher workers. the idea of cutting the corporate tax rate. the way to do that is to close loopholes and pay for it. it's very hard and expensive. we came to 28%. getting to 28% customer a trillion dollars. cost much more than that. how are you pay for it. as soon as president trump have tweeted out. it was leaked from a private meeting. that september 25 he will have some type of a framework
framework is a squishy word. he made it very clear that the budget has to come first. the budget of course is the tax reform. they obviously want to do the budget reconciliation so that i can roof to the reconciliation tool which would allow the house certainly to pass it and then moved on to the senate for only 51 votes it sounds like he doesn't want to bring democrats along. to give to make a choice. you put together a very different proposal if your goal is to do it with one party support. and to me bipartisan support does not mean picking up 12 or three. it means working with the leaders and what will bring a significant amount of support from the other side. there are four principles that ought to govern how tax reform is done. at least it is progressive when were done. it has to be paid for with revenue.
the scoring has to be honest. it will blow a hole in the deficit. we ought not to open a new loopholes. the way that they have proposed. it's very expensive and could create an enormous loophole. we will take a quick break. it is considered welfare for the wealthy. stay tuned we are back with lew. stay tuned. [phone ring] hello. hi, it's anne from edward jones. i'm glad i caught you. well i'm just leaving the office so for once i've got plenty of time. what's going on? so those financial regulations being talked about? they could affect your accounts, so let's get together and talk, and make sure everything's clear. thanks. yeah. that would be great. we've grown to over $900 billion in assets under care...
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a budget has to originate and so as we look forward to loopholes which he just mentioned yesterday steven mnuchin said we are going to get rid of this so-called loop full -- loophole he said he would get rid of it for hedge funds but they are not our really the ones that use it. private equity uses it way more. what did you make of that omission. when i was secretary we were proposing to eliminate it. we did not succeed. i think technically charlie is correct but you have to hold something long enough for something to qualify for that. it's not the principal target. i actually think the issue is not just carried interest it is the broad structure of our tax code which has really been
quite lopsided for many years. there is discussion now about relaxing the estate tax. that is not your mom and pop business. some people don't look at it is that government showing up at the burial ground. the reason that the tax is so generous to people. right now if you inherit something and someone paid a hundred dollars for edits were -- worth a million dollars. that's where a lot of the wealth in this country is at. that is a source of political and social division in this country. talk about relaxing it is a mistake. i need to get your bedding man
hat on. i think december 31 is a very optimistic date even if you were further along than we are now. i think democrats well have a test of their own. it depends on what the substance is. they will be on board if the substance reflects principles they can support. they don't want to see tax cuts for wealthy people. they don't want to see a big hole in the deficit and they want there to be a real reform not just cuts. i can tell people the president just said the wealthy will not get tax cuts. they may have to pay a little bit more. he has been pretty focused on sanctions when it comes to north korea. yesterday they passed new sanctions. they have said if china which
of course is a road to north korea. if we don't follow the sanctions we will put additional sanctions on china and prevent them from accessing the u.s. and international dollars system that is quite meaningful. does it? >> i think the goal of sanctions is always to be effective in what you're trying to accomplish. the goal is to put enough pressure on north korea that they changed their policy. they stop advancing their nuclear program. you need to have a working relationship with china to put pressure on north korea. the aggressive development as is a threat to the united states in the world. i totally agree there ought to be maximum pressure. it has to be working with china. i think china is the second largest economy in the world.
and one has to be conscious of the fact if you do things that cause major financial institutions to have serious problems if not questions of their survivability. that the has potential spill over effect. the u.s. dollar is down for the count. down 15% against the euro. down remarkably over the last year. one of the big names in finance. they said it is overdue for a rally but other people say it could be headed for a collapse. it is not acting like a reserved currency anymore. i think you've seen a number of things going on with regards to the dollar. those were wildly out of line. then the world settled in to a more realistic view. i've said for years that the difference in exchange rates i
don't think it is collapsing right now. i can't predict the future better than anybody else. there has been a response to changing circumstances and the in the united states and around the world. i will say this. i was secretary when the dollar was strong. as a dollar is a little bit softer is it's not bad for u.s. exporters. >> we are thrilled to have you back. i think you so much. we will be right back. up 24 points. you each drive a ford pickup right?
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deck -- secretary. technically you could hold something long enough. and a lot of hedge funds don't. they're not the principal target. the issue is not just carried in. charlie is right. the first time you and i have ever agreed on anything. he said you're right about the story you brought here yesterday. the trump administration said juergen alumni a major tax loophole. that's what they sell an asset. they say they will focus it on hedge funds. they take carried interest not private equity. the biggest recipients of this
carried interest loophole is not hedge funds. they rarely use that. it's private equity which saves billions of dollars per year through that loophole. why are they focusing on hedge funds. steve schwartzman. one of the biggest is an economic adviser of advisor of donald trump. they did not want bruising battle with private equity firms. let's beat up on some screw her -- screwy traders. it's like we are going to do this. but it doesn't really affect it. i'm surprised that this is not getting more play. it is kind of a bait and switch. his populace populist push was just grew rich people and to give money back to the middle class. he is not really doing that now.
for you as the average viewer out there. the guy that is watching us. you are way above average. as average viewer if the think to yourself what is can be similar attempted economy. the devil is going to be there. my facebook it is not a cut of the effective rates. they came close with both sides at 28% that is what they were indicated to her that they would get through. with the loopholes or not. if you take out the loopholes 20% corporate tax cut is actually a tax increase.
they basically pay that. that is a treasury secretary yesterday made that comment. i don't mind carried interest. they do a lot of good in this country. they rebuild them. i will say this. call it what it is what they are doing. is hiding the football here. they are cutting varied interests. and they're stopping that loophole for rich fatcats that don't use it. it's a semi is. they are blowing smoke. lew likes me. the closing bell. sixty minutes away. it is holding on to a record
real number of fatalities is much worse. a source currently participating in search and rescue missions down there say that they are worse than what they ever could've imagined. this individual a very good source. we are pulling out bodies everywhere. as we show you that would be more long key. what there could be we called fema and they told us to that monroe county sheriff we are
reporting what we are hearing from very good sources let us bring in our guest right now. if they are evacuated from the keys they now face a big hurdle. it is the inability to fuel up their cars to drive home. the latest figures are indicating to us that their opening at a rapid clip. only 35% reporting that reported that they have no fuel. that is a 6% improvement from yesterday. gas buddy said the shortages could persist for another month. and there is great demand. joining us now is the man who represents 10,000 convenience stores across the state. james, is it still hard to get a hold of gasoline for cars as they are just dying to drive south. >> it's very difficult.
even a few things working against florida in this case. impacts of hurricane harvey in texas. 97 percent of our oil comes from out-of-state. so that impacted us. and then you have the largest mass exodus. obviously all of this people needed gas to get out of the state. now neither now you can at six by people coming into the state. unfortunately we are strained resources even more. they did not just evacuate 10 miles away they have a committed hundred miles away. our your members dealing with the damages and loss as well behalf of their own gas station as well as to re- fill the coffers as they're trying to get back home. >> that some of the issues that we are fining. we could have all of the gas in the world but if the powers not working at the gas stations. if they aren't there to turn
on the lights than the fuel doesn't do anybody any good. when accordingly getting the symptoms to the facilities for finding out which ones had power and staff in which ones frankly are even accessible via flooding and bridges being down. a lot of coronation going on at the local level right now. >> we wish you and your members good luck. we really appreciate you taking time. we know you're very busy to give us the skit. we will get through this. did i just do that. ad lib. market. what i meant to say was weird record territory for the dow, s&p and nasdaq. we will be right back. definitely doesn't have that... you can leave worry behind when liberty stands with you™
>> markets a record territory about to close for all 3, trifecta, dow, isn't the end nasdaq khomeini gain for any of them is a new record and speaking of new records, how about the cleveland indians, just set a brand-new record for the american league, 21 wins in a row. that is why i called team the windians. i enjoy that. my dad is a huge cleveland indians fan. nicole: let's talk about equifax. this is a serious situation about this credit reporting something, there was a data breach, they have been breached and compromised, the worst move, down since 2016, the worst selloff for one month the crash
of 1987, october of 87. the energy commerce committee inviting equifax's ceo to testify on october 3rd. a lot of questions to answer. nicole: i want to bring in john trainor. we are talking to you, you have $8 billion in assets under management, first of the triple record we are about to see, what do you think of the fact that the bull market is extended? >> we are glad to see it, we have been positive on the market, we like the fact we saw a pullback recently. brings a little sanity into the market. we think the market is setting up for a nice bull run through year end. liz: does do the come along for the ride? disney has been hit speaking of trifectas, trifecta of bad news, the latest being an espn anchor
tweeted some negative things about donald trump and even came up in sarah sanders's press conference today because the anchor, sarah sanders said that is a fireable offense. they have a problem with skinny bundled and espn come along for the ride but disney moving higher by a percentage point. why do you like it now? >> disney, unfortunately they have the problems at espn. i am sure they will get through it but the issue is they have great content but what they are studiously done is they will provide the content, get distribution through someone else, disney's realizing they need to control the distribution, you saw announcements from bob eiger, the content is first in class, they need first in class
distribution and we think they will get that. nicole: here we go. liz: when we say trifecta we mean it. it is a horse race won by the dow, s&p and nasdaq, looking at a record close for all three and my indians, melissa davis. >> record day on wall street, the dow closing at a brand-new high for the second day in a row. they just turned positive in the final moments of trading. anything to the green on those indexes would mean another record high. melissa: we have more on big market movers but here is what else we are covering during this busy hour. let's make a deal, the president hosting a bipartisan group of moderate lawmakers at the white house talking tax reform